The year-end grand finale is here—global central banks are holding back-to-back meetings, and this week might be even more exciting than expected.

Let’s start with the Fed. A 25-basis-point rate cut? The market gives it an 88% probability, so that’s basically a done deal. But what’s really worth watching is whether they’ll restart their bond-buying program. Former New York Fed expert Cabana predicts that Powell might start pumping $45 billion into the market each month starting in January next year. If that happens, it would mean the balance sheet reduction (QT) is completely over, and the expansion mode is back on.

Why the sudden “liquidity injection”? The signals have been there for a while. Institutions like Bank of America and UBS have been sounding the alarm—the reserves are running low. New York Fed’s Williams and several other officials have frequently hinted at tightening liquidity, and repo rates have repeatedly breached their upper limits. In other words, the market is almost parched and desperately needs a liquidity boost.

Zooming out a bit, the central banks of Australia, Canada, and Switzerland will also announce policy decisions this week, but the real excitement is in Japan. Bank of Japan Governor Kazuo Ueda has recently taken a more hawkish tone, with the market pricing in a 90% chance of a rate hike. Yields on Japanese government bonds have soared to a 17-year high, and if the rate hike goes through, the yen carry trade could unwind violently, sending tremors through both U.S. Treasuries and U.S. equities.

So here’s the core question: Will the Fed just do a mild rate cut and call it a day, or will it launch “Quantitative Easing 2.0”? And if Japan hikes, will it trigger a global bond market shakeup? The answer will be revealed on Wednesday, but one thing’s for sure—liquidity is already on the table.